The cluster is deeply split: sovereign wealth and mega-passive funds are accumulating on the back of strong FY2027 guidance and a $750M buyback, while quant funds (Point72, D.E. Shaw, Bridgewater) are aggressively taking profits after a strong run. The net selling pressure (~$103M) and the insider divergence (no open-market insider buying, 8 insider sells for $23.9M in the last 30 days) suggest caution. Watch for continued insider selling and whether the buyback program absorbs the institutional distribution.
Executive Summary
A large institutional cluster in EAT shows a mixed picture: 40 buyers added $123.8M in new holdings (led by a new $78.5M Norges Bank position and a $19.1M JPMorgan add), while 30 sellers reduced $227.2M, driven by a full $160.5M exit from Point72 and a $27.8M trim from UBS. The cluster follows Q4 FY2026 earnings (EPS miss, revenue beat, strong FY2027 guidance) and a $750M buyback authorization, creating a tug-of-war between fundamental optimism and profit-taking by quant funds.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$103.4M
▲ Buyers (40)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | NEW | +100% | $78.5M | $78.5M |
| JPMorgan | ADD | +45.6% | $43.0M | $19.1M |
| Swedbank Ab | DOUBLED | +385.2% | $22.0M | $18.2M |
| Wells Fargo | ADD | +47.4% | $12.6M | $5.3M |
▼ Sellers (30)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Point72 | EXIT | -100% | $160.5M | -$160.5M |
| UBS | TRIM | -35.5% | $115.3M | -$27.8M |
| D.E. Shaw | TRIM | -34.9% | $79.6M | -$18.6M |
| Danske Bank A/S | NEAR_EXIT | -93.3% | $13.2M | -$12.2M |
Key Facts
- 40 institutional buyers added a net $123.8M in Q2 2026, while 30 sellers reduced $227.2M
- Norges Bank opened a new $78.5M position — the largest single buyer
- Point72 fully exited a $160.5M position — the largest single seller
- JPMorgan added $19.1M (+45.6% shares); Swedbank Ab added $18.2M (+385.2% shares)
- D.E. Shaw trimmed $18.6M (-34.9%); UBS trimmed $27.8M (-35.5%)
- Filing follows Q4 FY2026 earnings: GAAP EPS $2.99 (missed $3.09 consensus), revenue $1.5358B (slight beat), FY2027 guidance of $6.15B-$6.27B revenue and $12.60-$13.40 non-GAAP EPS
- Board authorized a $750M share repurchase program
Financial Impact
Net institutional selling of ~$103.4M ($227.2M in sells vs $123.8M in buys). The largest single move was Point72's complete exit of a $160.5M position.
Risk Factors
- Point72's full $160.5M exit signals a potential peak in institutional conviction
- No open-market insider buying in the last 30 days, while 8 insiders sold $23.9M
- EPS miss in Q4 FY2026 (-3.2% vs consensus) despite strong revenue and guidance
- Maggianos comparable sales continue to decline (-2.5%)
- 13F data is 45+ days stale; the cluster may have already been unwound
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-EAT-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | Insider Cluster | $214.69 $199.56 | ▼ −7.05% | ▼ −6.55% | — |
Sep 2, 2026 4w ago | Court Ruling | $231.00 $214.69 | ▼ −7.06% | ▼ −6.10% | — |
Aug 31, 2026 4w ago | Insider Cluster | $233.98 $215.31 | ▼ −7.98% | ▼ −8.06% | — |
Aug 31, 2026 4w ago | Insider Cluster | $233.98 $215.31 | ▼ −7.98% | ▼ −8.06% | — |
Aug 27, 2026 5w ago | Institutional Cluster | $233.22 $228.88 | ▼ −1.86% | ▼ −2.13% | — |
Aug 26, 2026 5w ago | Insider Cluster | $233.22 $228.88 | ▼ −1.86% | ▼ −2.13% | — |
Aug 26, 2026 5w ago | Insider Cluster | $233.22 $228.88 | ▼ −1.86% | ▼ −2.13% | — |
Aug 26, 2026 5w ago | Insider Cluster | $233.22 $228.88 | ▼ −1.86% | ▼ −2.13% | — |
Aug 24, 2026 5w ago | Insider Cluster | $253.94 $228.50 | ▲ +10.02% | ▲ +10.49% | — |
Aug 17, 2026 6w ago | Insider Cluster | $235.65 $248.70 | ▼ −5.54% | ▼ −5.74% | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access